Car insurance, have you payed in more than you have claimed
Discussion
Anyone got any family, friends or colleagues who are legendary serial claimers ?
I know a lady that binned two cars in about two months, then wondered why her premium had gone so high, both crashes down to "black ice", the more sinister and evil type, definitely not just ice and being crap at driving, no sir.
I know a lady that binned two cars in about two months, then wondered why her premium had gone so high, both crashes down to "black ice", the more sinister and evil type, definitely not just ice and being crap at driving, no sir.
J4CKO said:
Anyone got any family, friends or colleagues who are legendary serial claimers ?
I know a lady that binned two cars in about two months, then wondered why her premium had gone so high, both crashes down to "black ice", the more sinister and evil type, definitely not just ice and being crap at driving, no sir.
It's always black ice or diesel on the roads. Even when it's +10 or diesel that nobody else can see. I know a lady that binned two cars in about two months, then wondered why her premium had gone so high, both crashes down to "black ice", the more sinister and evil type, definitely not just ice and being crap at driving, no sir.
I've had more than I've paid, one accident that was my fault and one theft that was a 14k pay out on its own .... also been paid out by the other side in 3 other claims, also my own fault claim paid out c5k to the 3rd party ..... so all in all i've been well protected financially by my policies.
BGarside said:
...I'm still paying around £350 to insure a 10-year old SEAT worth about £1500, and a further £250 to insure a 21-year old BMW 3-series for 4000 miles a year.
£600 a year for no obvious benefit.
I'm amazed how few people seem to grasp the concept that the premium has little do to with the value of the car. Even a £200 shed can generate a claim of many millions if you mow down a queue at a bus stop and put the victim(s) into life-long care. That's what the payout has to account for, not just repairing/replacing a car or three. Thankfully that doesn't happen very often so the premiums aren't astronomical.£600 a year for no obvious benefit.
I've paid in much more than I've claimed.
BGarside said:
Car insurance in the UK is a total rip-off.
The motor industry is a rip off, I've spent £80,000 on vehicles and only got £44,000 back when I've sold them.The gambling industry is a rip off, I've piled in thousands of pounds in bets and got a tiny fraction of that back.
The movie industry is a rip off, I've spent thousands going to see films and not got anything back when I've left the cinema.
The food industry is a complete rip off, I've spent tens of thousands on food, but do I ever get paid when I take a s
t? Do I fk!Year 1 - £1,200
Year 2 - £2,200
Year 3 - £1,100
Year 4 - £750
Year 5 - £680
Year 6 - £550
Two claims;
C1 - My fault (Year 2) hit an oldescort @ appx 5mph driver claimed damages and whiplash and cost over £6,000.
C2 - Hit by an imbecile on the A500 going appx 60mph and smashed up my new (to me) 330i (not d!) total costwell over £20k but my damages and hire was appx £5k so I'm about evens.
Year 2 - £2,200
Year 3 - £1,100
Year 4 - £750
Year 5 - £680
Year 6 - £550
Two claims;
C1 - My fault (Year 2) hit an oldescort @ appx 5mph driver claimed damages and whiplash and cost over £6,000.
C2 - Hit by an imbecile on the A500 going appx 60mph and smashed up my new (to me) 330i (not d!) total costwell over £20k but my damages and hire was appx £5k so I'm about evens.
KingNothing said:
xRIEx said:
The food industry is a complete rip off, I've spent tens of thousands on food, but do I ever get paid when I take a st? Do I fk!
You're doing it wrong then, paid for poo's, st? Do I fk!t at work but not on your own time.Speed_Demon said:
Paid 9K in 8 years. Never had a claim for or against. So safe to say they're getting the better end of the deal.
Unfortunately I crashed my Land Rover on to a railway, it was hit by two trains killing 10 people and injuring 70 others, so they had to pay out £22,000,000 - 'better end' is all relative, I suppose.N.B. It wasn't actually me. Largest single car insurance payout as far as I'm aware, and that possibly wasn't even the final figure.
ETA: Just found one for £23m, from 2012.
Edited by xRIEx on Wednesday 20th August 18:30
Sy1441 said:
Technically yes.
Only had my own car since February and the premium is just under £1200 (Nissan 370Z)
I have however destroyed the best part of £150k of German metal on the company insurance though so feel i've had my moneys worth.
Outstanding Sir! Full marks for effort Only had my own car since February and the premium is just under £1200 (Nissan 370Z)
I have however destroyed the best part of £150k of German metal on the company insurance though so feel i've had my moneys worth.
Confession time, I work for an Insurance Company - though thankfully haven't dealt with a Motor insurance claim for a good few years. Hateful side of the business where everybody's car is always in "as new" condition (until it's found a few days after it was stolen and it was clearly a shed ) and where the man with a £200 Ford Fiesta really has to have a £15,000 car to travel the 3 miles to and from work at a cost of £4000 (which begs the question as to how people survived without the parasitic industry that is credit hire) and then complains why premiums are rising when a £1000 claim suddenly morphs by a factor of 10.
Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
Mr Daytona said:
Confession time, I work for an Insurance Company - though thankfully haven't dealt with a Motor insurance claim for a good few years. Hateful side of the business where everybody's car is always in "as new" condition (until it's found a few days after it was stolen and it was clearly a shed ) and where the man with a £200 Ford Fiesta really has to have a £15,000 car to travel the 3 miles to and from work at a cost of £4000 (which begs the question as to how people survived without the parasitic industry that is credit hire) and then complains why premiums are rising when a £1000 claim suddenly morphs by a factor of 10.
Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
I posted this originally and certainly dont see it like that, it isnt an account, you arent expecting to get your premiums back, that is what insurance is, just like when I got told at work that my call out payments were "Money for old rope", no it isn't, it is just another kind of insurance, paying for a qulified person to be available in the event of problem, just like car insurance pays out in the even of an accident, you hope to not have to use it but are glad it is there when you do.Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
Can I make it clear (again) that this wasn't the point of the thread, to berate insurers for taking our money, it is a service that we pay for, not a savings plan, simply interested whether we have claimed more than we have ever paid in or vice versa.
Most of us seem to have paid in more than we have claimed, which sounds about right for an enthusiasts forum.
Mr Daytona said:
Confession time, I work for an Insurance Company - though thankfully haven't dealt with a Motor insurance claim for a good few years. Hateful side of the business where everybody's car is always in "as new" condition (until it's found a few days after it was stolen and it was clearly a shed ) and where the man with a £200 Ford Fiesta really has to have a £15,000 car to travel the 3 miles to and from work at a cost of £4000 (which begs the question as to how people survived without the parasitic industry that is credit hire) and then complains why premiums are rising when a £1000 claim suddenly morphs by a factor of 10.
Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
Having worked i the insurance industry all my life, I wish more people would appreciate how it works as well.Why do people think that Insurance is like a bank account and that the more you pay in by way of your premiums, the more you should get out as a consequence of claims ? As other people have alluded to, it's a question of a lot of customers paying a (reasonably) small amount in the event that a few make resultant claims.
Really, are people of the opinion that the £20,000 they've paid in premiums over 20+ years would, if invested in a bank, in anyway make a dent in a £3 million pound claim for a 27 year old year old barrister who requires 24 hour care in a specially adopted £500,000 home, whilst his wife and three dependants suddenly have go get by on rather less than the £75,000 per annum he was previously earning ?
Don't get me wrong, I fully appreciate that their are certain practices in my Industry that do need stamping out (claimant Solicitor costs anyone ?) and I personally always took a great deal of professional pride in protecting the financial interests of those who instructed me, but until people stop claiming for whiplash in a 3mph low speed impact, then the premiums will always be a source of much indignation.
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